China to allow corporate currency swaps March 1

SarahTurner

SYDNEY (MarketWatch) -- China will allow some banks to conduct yuan, foreign-currency swaps on behalf of clients, beginning March 1, according to reports from the region Monday. The move is designed to extend financial derivatives beyond the interbank market in China, the reports said. Banks that have been approved for a year to issue foreign-currency swaps will be able to issue further swaps without extra approval, according to the reports. Currency swaps differ from foreign exchange swaps in that they include interest rate payments.

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